Oil Giants Cash In on Iran War Chaos

The closure of the Strait of Hormuz has disrupted global energy flows, causing oil prices to soar and impacting markets worldwide. Despite this disruption, major oil companies such as ExxonMobil, Chevron, Shell, and BP have reported record profits due to elevated oil prices and stronger refining margins. According to Kpler's senior crude oil analyst Muyu Xu, the average global benchmark price for crude oil traded on the Intercontinental Exchange stood at $96.68 per barrel in the second half of 2026, significantly higher than $78.38 per barrel in the first quarter and $66.71 per barrel in the second quarter of 2025.

ExxonMobil reported its highest quarterly profits in four years with adjusted earnings of $14.7bn, while Chevron's earnings reached $12bn, its highest quarterly profit in six years. Shell more than doubled its second-quarter earnings to nearly $10bn, and TotalEnergies' earnings rose by 67 percent to their best quarter in nearly three years.

Saudi Aramco, the world's largest state-owned oil producer, also reported sharply higher quarterly earnings of $32.69bn. The surge in profits is attributed to producers benefiting from operating leverage and stronger refining margins due to soaring oil prices during the Iran war.